In the race to become Asia’s main commodities trading hub, Hong Kong has just – at a stroke – vaulted ahead of everyone else with its agreed offer for the London Metal Exchange.
It still has to be approved by 75 per cent of the LME’s shareholders. But assuming it goes ahead Hong Kong Exchanges & Clearing will, in the words of its chief executive Charles Li, “acquire in one stroke a position of global leadership in the commodities market”.
Is Singapore the loser?
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